In Canada, small businesses operating in specific provinces are required to register, file, and pay HST (Harmonized Sales Tax) on a predetermined schedule to the Canada Revenue Agency (CRA). Failing to do this accurately or missing important deadlines can lead to hefty penalties. HST filing compliance is essential for a business’ financial success and growth.
At Accountor CPA, we assist corporations, small businesses, SMEs, and self employed individuals with HST filing. We understand the importance of CRA HST deadlines and compliance and the impact these have on your business operations.
Fulfill your HST filing requirements and maintain organized HST records year-round with Accountor CPA’s electronic HST filing services. You get peace of mind knowing that your HST returns are correct and filed on time. With professional HST filing services, you can more confidently project your refund or remittance owed, so you can create accurate budgets and financial control.
Avoid the financial surprises and confusion that so often accompanies filing HST returns when you work with a professional business HST submission firm.
Why You Need Professional Business HST Filing Services
Filing HST as a business comes with many regulations, deadlines, and required documents. One miscalculation or missed document can lead to hefty fines and penalties. Small business HST filing services give you the ability to file your return easily and stress-free.
At Accountor CPA, we assist our clients in maintaining their HST records to allow for easy filing at the end of their reporting period, whether it be monthly, quarterly, or annually. We help compile relevant documents and information, accurately prepare your HST return, and oversee your HST-related costs.
The business HST filing services we offer include:
- Registration support
If you are a new business or have just reached the threshold for remitting HST, we can help you register for your HST number.
- Filling HST filing requirements
Not all products and services are eligible for HST. We make sense of the regulations to prepare an accurate HST return form.
- HST Advising
How do your HST expenses and sales relate to each other? We can help find ways to maximize your HST expenses to mitigate your HST owing.
- Stress-free filing
We handle the electronic HST filing for you, so you can avoid the complex paperwork and better spend your time managing your business.
We act as your representative with the CRA to save you time.
- Navigating complexities
We navigate regulations that can impact your HST return form, like non-resident filing, backfiling, and amalgamations.
- Audit assistance
We help you prepare for and comply with CRA HST audits.
HST Filing for Self Employed Individuals
As a self-employed individual, filing your HST return can be complex. Self-employed individuals can benefit from working with a professional HST return filing service to navigate these complexities. Accountor CPA works with self-employed workers across Canada to help them find the most suitable ways to report and record HST to the Canada Revenue Agency.
How to File HST Return
- Register for an HST number with the CRA.
- Choose an accounting method. The Standard Method is the most common, but there is also the Quick Method and the Simplified Method. Consult with your HST advisor to decide which is best for your business.
- Confirm the due dates for your return. This is written at the top of your HST return form (Form GST34-2).
- Fill out Form GST34-2 with total sales, revenue, total tax collected, total tax you have paid, and any other relevant credits or debits as required.
- Complete and submit your return. This can be done by mail or with HST electronic filing.
When you work with an HST filing firm, they handle each of these steps so you have full confidence that your HST filing is being taken care of.
Let Accountor CPA handle your HST filing while you focus on what matters most - your business.
Canada Revenue Agency HST Filing Deadlines
Your HST return form shows the unique filing deadline for your company. These HST filing due dates are determined by your HST reporting period. Small businesses and corporations can file annually (with a December 31st year-end), quarterly, or monthly. If you are a sole proprietor, your HST return deadline will be in line with your personal income tax.
Typically, the HST return due dates for corporations for different filing periods are as follows:
- Monthly: one month after the end of the reporting period
A monthly reporting period of July 1st to July 31st would have a filing and payment deadline of August 31st.
- Quarterly: one month after the end of the reporting period
A quarterly reporting period of January 1st to March 31st would have a filing and payment deadline of April 30th.
- Annually with a December 31st year-end: A filing deadline of June 15th and a payment deadline of June 30th.
- Annually with a year-end other than December 31st: three months following your fiscal year end.
A custom year-end of August 31st would have a failing and payment deadline of November 30th.
For more information, visit the Canada Revenue Agency.
HST Late Filing Penalty
Not adhering to HST filing deadlines risks incurring significant penalties which can impact your bottom line. Our goal is to ensure your HST filing is done correctly and on time, so you can avoid these harsh penalties and additional interest.
Type of HST Late Filing Penalty
Failure to file on time
A + (B x C)
A is 1% of the amount owing
B is 25% of A
C is the number of months the return is overdue, to a maximum of 12 months
If you receive a Demand to File and do not do so
Failure to file electronically when required
$100 for the initial return not submitted electronically.
$250 for each following return not filed electronically.
Failure to accurately report information
Generally 5% of the amount plus 1% per month of the difference between what is reported and what should have been reported, until the amounts are corrected, to a maximum of 10%.
File Your HST Return with Confidence
HST return filing is more than just a year-end event. Maintaining organized records and tax planning strategies year-round are an important part of financial planning to help you grow your business.
Get the HST filing services your business needs, whatever its size and structure, with Accountor CPA. Our Certified Public Accountants are dedicated to simplifying your business’ financial obligations so you have all the data you need to make informed financial decisions.
Contact us today and remove the stress from your HST return filing.
Frequently Asked Questions
What is HST filing?
HST (Harmonized Sales Tax) is a consumption tax in Canada. It is used in provinces which combined their federal goods and services tax with the regional provincial sales tax.
This tax is paid by consumers to a business on applicable goods and services. Businesses collect this HST paid by consumers and remit it to the CRA in a specified time frame after subtracting the HST paid on their own expenses.
Who needs to submit an HST return?
A business that provides taxable goods or services in Canada and earns a revenue of more than $30 000 must file HST returns.
When is HST filing due?
The due date of your HST return depends on your filing period. Monthly and quarterly filings are due one month after the period’s end, while a December 31st year-end annual filing period is due June 15th, with a payment deadline of April 30th. If your annual period does not end on December 31st, your HST filing is due 3 months after your fiscal year end.
How do I do HST filing?
Once you have registered for an HST number and found your reporting periods and relevant deadlines, you can choose an accounting method with the CRA to determine how to calculate your HST remittances and expenses.
Then fill out your HST return form to calculate how much you owe the government or if you are entitled to an HST refund for that reporting period.
Lastly, you file your personalized HST tax return (Form GST34-2) with the CRA.
Where do I file my HST return?
You can file it through your bank or credit union, through the telephone with TELEFILE, electronically via NETFILE on the CRA website (using the unique 4 digit code provided by the CRA), or by third party software the CRA has certified. You can also mail your HST return form to the address printed on it.
When you work with a professional HST submission service like Accountor CPA, we act as your representative and When you work with an HST filing firm, they handle each of these steps for you and consult with you along the way so you have full confidence that your HST filing is being taken care of file your HST return electronically on your behalf.